Focus on Tech, Ready Made Garments Value Addition, Suggests IAF President
- By Monira Munni
- Bangladesh needs to focus on and invest in technology and backward linkage industry and produce value-added garment items to retain a larger share of export proceeds here in the country and get better prices from buyers, International Apparel Federation (IAF) President Cem Altan said.
- Despite the current slowdown in global apparel demand, he said, the upcoming holidays in western countries and Christmas would help push up the demand, ending the inventory of buyers and giving a boost to the apparel industries.
The IAF president stressed the need for working together, saying the global textile and apparel industry has a bad reputation in this regard. He, however, said, "Bangladesh is doing well in making the green investment. Eight out of 10 USGBC LEED-certified factories are here in Bangladesh."A total of 177 local garment factories, the highest in the world, have so far received certificates from the US Green Building Council (USGBC) for Leadership in Energy and Environmental Design (LEED). Bangladesh also needs to invest more in the backward linkage industry to produce yarn, fabric, dying, and other segments to retain its export receipts inside the country, he said."If $20 billion, out of $42 billion export earnings, goes out of the country, it does not mean you export $42 billion and it is not good," Mr. Altan added. He also recommended investing in the recycling industry -- from spinning recycled to making finished recycled garments. Responding to a question, he said the IAF is working with the Sustainable Terms and Trade Initiative (STTI) for common audit standards, citing the business practices by global apparel buyers during the pandemic that included cancellation of orders and non-payment.